The small print on your company’s financial statements give investors and lenders insight into knowledge that’s vital to business and investment decisions. These footnotes include account balances, accounting practices and potential risk factors. Make sure your footnote disclosures cover these areas.  1. Transactions with related parties If companies may employ friends or relatives (or give…

It might not sound that exciting, but in estate-planning terms, “tangible personal property” contains jewelry, antiques, photographs and collectibles. Sentimental value can make these difficult to plan for. If you’re not careful, arguing among your family members over these items can lead to hurt feelings, and even litigation. Clear communication You shouldn’t have to guess…

Most people who have traditional IRA or tax-deferred retirement accounts know that they have to take required minimum distributions (RMDs) after reaching a certain age to avoid penalty.  With the passage of the CARES Act last March, people were allowed to skip taking these withdrawals in 2020. Now that it is 2021, however, RMDs must…

What it means to you: IRS recently announced an expansion of their anti-fraud Identity protection program. According to IRS, the IRS 2021 Identity Protection Pin (IP PIN) opt-in program is available to all taxpayers. The IP PIN is a six-digit number assigned to help prevent Social Security numbers’ misuse on fraudulent federal income tax returns. An IP…

Tax-advantaged retirement plans can help you avoid taxes and save for your retirement. Contributing to a 401(k) or a Roth is if your employer offers one can save you a lot of money. To start, you should increase your contribution rates to the maximum allowed. Because compounding is tax-free in Roth accounts and tax-deferred otherwise,…

People work their whole lives to build their estates, and passing this wealth on to the next generation is a top priority for many. The key to making this happen is teaching your children about money management to keep your legacy alive . How to educate your children about wealth management The best way to…

Written by Henry Rinder, CPA CFE ABV CFF CGMA Unfortunately, many businesses have experienced collection problems during the COVID-19 pandemic. Accounts receivable are a significant item on most companies’ balance sheets. Slow-paying or nonpaying customers/clients adversely affect the company’s cash flow. Cash is the bloodline of the business. Proactive measures can help identify and remedy…

  The latest stimulus package has a number of implications for businesses. Find out what exactly is included and what it means for businesses, as well as you – and your taxes, in our upcoming webinar.  Here’s an example of just some of the items included in the package: Additional PPP loan funds Deductibility of…

Imagine this: one of your employees accesses your records without authorization, then uses stolen customer lists to start his own business. It’s not that far-fetched! In fact, this happened at one mortgage company where the perpetrator stole protected records by sending malware to a coworker. In this case, the employee was caught in the act—but…